Credit card spending fell in 2011

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Credit card spending fell in 2011

The value of credit card transactions for UK consumers fell over the last 12 months, new research has shown.

Data compiled by Santander has revealed a four per cent decline in the total value of borrowings for 2011 in comparison to the previous year, with travel spending seeing a significant fall of 13 per cent, although mail order purchases were up by eight per cent.

Callum Gibson, managing director at Santander Cards, commented: "During times of austerity, you'd expect cut-backs to hit non-essential items like holidays and clothes and our customer data supports this."

He added that what is interesting is that people seem to be spending less but on more transactions, meaning while the value of items being purchased is down on average, people are relying more on this form of borrowing.

The news follows comments by editor of CashQuestions.com Annie Shaw, who recently argued credit cards can be an effective tool in helping people to manage their finances more effectively, but only if they know they can afford to pay off their borrowings at the end of each month.

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